Other Information

Glossary

Term Definition
‘Board of Directors’ or the ‘Board’ Board of Directors of BW LPG
‘BW LPG Group’ or the ‘Group’ BW LPG and its subsidiaries
‘BW LPG’ or the ‘Company’ BW LPG Limited
Baltic Index The Baltic Index is a shipping and trade index created by the London-based Baltic Exchange that measures changes in the cost to transport various raw materials
Bermuda Companies Act The Companies Act 1981, as amended of Bermuda
Bunker fuel Any hydrocarbon mineral oil used or intended to be used for the operation or propulsion of a ship
BWFM BW Fleet Management. BWFM provides technical management to BW LPG Group through a ship management agreement
CBM Cubic meter. A unit for gas vessel’s capacity for carrying gas
Charter The hiring of a vessel, or use of its carrying capacity, for either (i) a specified period of time or (ii) a specific voyage or set of voyages
CoA Contract of Areightment. Under a CoA, the ship owner provides capacity to transport a certain amount of cargo within a specified period from one place to a destination designated by the customer. All of the ship’s operating, voyage and capital costs are borne by the shipowner. The freight rate is normally agreed on a per cargo tonne basis. The freight rate can be fixed or floating, or a combination of both
Commercial management Commercial management includes chartering negotiations and operation of the vessel in accordance with the terms of the charter parties
Dry docking The removal of a vessel from the water for inspection and/or repair of submerged parts
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation
ECA Emission Control Areas
EIA US Energy Information Authority
GRI Global Reporting Initiatives
Hull The shell or body of a vessel
IFRS International Financial Reporting Standards
IMO International Maritime Organisation
LGC Large Gas Carrier. Gas carrier of 50,000-70,000 cbm
LPG Liquefied Petroleum Gas
LTIF Lost Time Injury Frequency
MACN Maritime Anti Corruption Network
MGO Marine gas oil
MLC The Maritime Labour Convention, 2006
NGL Natural gas liquids
Newbuilding A new vessel under construction
OPEX Vessel operating expenses, such as manning, insurance, maintenance and repairs
PDH Propane dehydrogenation
Pool Arrangement pursuant to which vessels owned by different owners are chartered into a pool and the manager of the pool markets the vessels as a single, cohesive fleet, operating them under spot contracts, CoAs and time-charters. The income from the vessels included in the pool is distributed to individual owners according to an agreed upon pool point system whereby each vessel receives its share of the pool’s earnings according to the vessel’s earning potential
SECA Sulphur Emission Control Areas
Spot market The market for chartering a vessel for single voyages on the basis of current market levels
Spot rate The rate for chartering a vessel on the spot market
Spot voyage A spot voyage is typically a single round trip that is priced on a current or spot market value. The owner of the vessel receives one payment derived by multiplying the tonnes of cargo loaded on board by the agreed upon freight rate expressed on a per cargo tonne basis. The owner is responsible for the payment of all expenses including voyage expenses (including bunker fuel, agency and port costs), operating expenses and capital costs of the vessel
TCE income Gross freight less voyage related costs
Technical Management Technical management is the daily operation of a vessel, including maintenance, supplies and manning
Time-Charter Under time charters, vessels are chartered to customers for fixed periods of time at rates that are generally fixed. The charterer pays all voyage costs. The owner of the vessel receives monthly charter payments on a per day basis and is responsible for the payment of all vessel operating expenses (including manning, maintenance, repair and docking) and capital costs of the vessel
TRCF Total Recordable Case Frequency
Tonne mile Unit cargo x distance; i.e. 10 tonnes carried 25 miles = 250 tonne miles
UN SGDs United Nations’ Sustainable Development Goals
Vessel recycling The sale of a vessel for dismantling and reprocessing the building materials
VLGC Very Large Gas Carrier. Gas carrier above 70,000 cbm
VSAT Very Small Aperture Terminal
WTI West Texas Intermediate
YoY Year on Year

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